Medinex prices IPO at S$0.25 a share to raise S$5.32m

Singapore

MEDINEX, a provider of professional support services to medical clinics, has priced its initial public offering (IPO) at S$0.25 per share, ahead of a listing on the Catalist board of the Singapore Exchange.

The IPO will raise gross proceeds of S$7.5 million, of which Medinex will receive S$5.32 million in net proceeds. Based on the IPO price, Medinex will have a market cap of S$32.8 million, which is 25 times its pro forma net profit of S$1.3 million in 2017.

Medinex made a pro forma net profit of S$1.3 million in the first half of 2018, on revenue of S$4.9 million. In the first half of 2017, it made a S$583,000 net profit…